AFTEX vs. RMUNX

Last updated Aug 6, 2026

AFTEX (American Funds Tax Exempt Bond Fund) and RMUNX (Invesco Rochester New York Municipals Fund) are both Municipal Bonds funds. Over the past 10 years, AFTEX returned 1.96%/yr vs 3.18%/yr for RMUNX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. AFTEX charges 0.50%/yr vs 0.78%/yr for RMUNX.

Performance

AFTEX vs. RMUNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Tax Exempt Bond Fund (AFTEX) and Invesco Rochester New York Municipals Fund (RMUNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFTEX achieves a 0.53% return, which is significantly higher than RMUNX's 0.48% return. Over the past 10 years, AFTEX has underperformed RMUNX with an annualized return of 1.96%, while RMUNX has yielded a comparatively higher 3.18% annualized return.

AFTEX

• 1D: 0.24%
• 1M: -1.67%
• 6M: -0.28%
• YTD: 0.53%
• 1Y: 4.68%
• 3Y*: 3.90%
• 5Y*: 0.56%
• 10Y*: 1.96%
• ALL TIME*: 4.72%

RMUNX

• 1D: 0.35%
• 1M: -2.21%
• 6M: 0.34%
• YTD: 0.48%
• 1Y: 5.03%
• 3Y*: 3.14%
• 5Y*: -0.57%
• 10Y*: 3.18%
• ALL TIME*: 5.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AFTEX American Funds Tax Exempt Bond Fund	$0.00	$0.00	$0.00
RMUNX Invesco Rochester New York Municipals Fund	$0.00	$0.00	$0.00

AFTEX vs. RMUNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFTEX American Funds Tax Exempt Bond Fund	0.53%	4.88%	2.28%	5.96%	-9.68%	1.87%	4.73%	7.42%	0.78%	5.83%
RMUNX Invesco Rochester New York Municipals Fund	0.48%	0.82%	2.37%	9.85%	-15.09%	6.83%	5.84%	13.22%	8.89%	3.69%

Correlation

The correlation between AFTEX and RMUNX is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990	0.73

The correlation between AFTEX and RMUNX shifts across timeframes, from 0.73 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AFTEX vs. RMUNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AFTEX

AFTEX Risk / Return Rank: 59
AFTEX Sharpe Ratio Rank: 68
AFTEX Sortino Ratio Rank: 74
AFTEX Omega Ratio Rank: 84
AFTEX Calmar Ratio Rank: 36
AFTEX Martin Ratio Rank: 34

RMUNX

RMUNX Risk / Return Rank: 37
RMUNX Sharpe Ratio Rank: 36
RMUNX Sortino Ratio Rank: 37
RMUNX Omega Ratio Rank: 43
RMUNX Calmar Ratio Rank: 37
RMUNX Martin Ratio Rank: 31

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AFTEX vs. RMUNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Tax Exempt Bond Fund (AFTEX) and Invesco Rochester New York Municipals Fund (RMUNX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AFTEX	RMUNX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.34	+0.50
Sortino ratio: Return per unit of downside risk	2.73	2.00	+0.73
Omega ratio: Gain probability vs. loss probability	1.42	1.28	+0.14
Calmar ratio: Return relative to maximum drawdown	1.76	1.81	-0.04
Martin ratio: Return relative to average drawdown	5.70	5.16	+0.54

AFTEX vs. RMUNX - Sharpe Ratio Comparison

The current AFTEX Sharpe Ratio is 1.84, which is higher than the RMUNX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of AFTEX and RMUNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFTEX vs. RMUNX - Drawdown Comparison

The maximum AFTEX drawdown since its inception was -14.55%, smaller than the maximum RMUNX drawdown of -36.55%. Use the drawdown chart below to compare losses from any high point for AFTEX and RMUNX.

Drawdown Indicators

	AFTEX	RMUNX	Difference
Max Drawdown Largest peak-to-trough decline	-14.55%	-36.55%	+22.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-3.29%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	-8.66%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-14.42%	-21.81%	+7.39%
Max Drawdown (10Y) Largest decline over 10 years	-14.55%	-21.81%	+7.26%
Current Drawdown Current decline from peak	-1.67%	-3.34%	+1.67%
Average Drawdown Average peak-to-trough decline	-1.66%	-3.25%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.25%	-0.40%

Volatility

AFTEX vs. RMUNX - Volatility Comparison

The current volatility for American Funds Tax Exempt Bond Fund (AFTEX) is 0.91%, while Invesco Rochester New York Municipals Fund (RMUNX) has a volatility of 1.52%. This indicates that AFTEX experiences smaller price fluctuations and is considered to be less risky than RMUNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFTEX	RMUNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	1.52%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	3.41%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	4.42%	-1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.79%	6.69%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.79%	6.01%	-2.22%

AFTEX vs. RMUNX - Expense Ratio Comparison

AFTEX has a 0.50% expense ratio, which is lower than RMUNX's 0.78% expense ratio.

Dividends

AFTEX vs. RMUNX - Dividend Comparison

AFTEX's dividend yield for the trailing twelve months is around 2.80%, less than RMUNX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFTEX American Funds Tax Exempt Bond Fund	2.80%	3.98%	2.90%	2.22%	1.75%	2.31%	2.43%	2.83%	2.86%	3.30%	2.90%	3.21%
RMUNX Invesco Rochester New York Municipals Fund	3.22%	5.30%	4.81%	3.77%	3.03%	3.24%	3.32%	3.43%	3.40%	4.34%	6.01%	6.55%

Frequently Asked Questions

Can I hold both AFTEX and RMUNX in my portfolio?

AFTEX and RMUNX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFTEX or RMUNX?

RMUNX has higher volatility (1.52%) compared to AFTEX (0.91%). In terms of maximum drawdown, AFTEX dropped -14.55% vs RMUNX's -36.55%.

Which has better risk-adjusted returns?

AFTEX currently has the higher Sharpe Ratio (1.84 vs 1.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.